LAND
In the month of November, one noteworthy sale each of residential land and commercial land occurred. The residential sale supports the fact that the residential market in Reno/Sparks is still going strong. NOTABLE SALES- 6 finished residential lots in Belsera that included foundations: This broke out to $150,000 for each finished lot and foundation. These lots were sold from Charlie Bluth to KDH Builders.
- A multi-family or commercial parcel located adjacent to UNR on North Virginia: The parcel sold for $105,000 and was 9,591 square feet, which indicates $10.94 per square foot. Hopefully this means that more commercial development will happen with UNR continuing to expand.
MULTI-FAMILY
The apartment market has slowed down; however with CW potentially looking to sell their Reno/Sparks apartment portfolio, we may see a lot of activity after the first of the year. CW currently holds D’Andrea Apartments, Vizcaya, Iron Blossom, and last but definitely not least, Lakeridge East. NOTABLE SALES- 1133 Buena Vista Avenue: purchased by a California Investor for $1,221,000. The complex consists of 32 shared units, therefore the per unit sales price is $38,156.
- 1128 H Street: 13 unit duplex type complex. It sold for $850,000 or $65,384 per unit.
INDUSTRIAL
The industrial market had the largest noteworthy sale. NOTABLE SALES- 9085 Moya Boulevard: Sold for $13,400,000. This was a leased 336,055 square foot building that Panattoni sold to an investor that purchased the property for the income and length of tenant’s leases.
- 1655 Kleppe Lane: Was purchased by a transportation company for $1,937,500. Two parcels were included in this sale.
OFFICE
The office market had four sales occur in November. NOTABLE SALES- 9480 Gateway Drive: This property consists of two buildings totaling 21,904 square feet. This indicates and overall per square foot price of $57.06. These buildings need a lot of deferred maintenance to make them leasable. This was a foreclosure sale.
- 160 W Huffaker Lane: This property consists of 5,676 square feet and sold for $908,000 indicating a per square foot price of $160.00.
RETAIL
The retail market was very slow in the month of November, however there was one hotel sale for the month of November. NOTABLE SALES- 6200 S Virginia Street: The sale was for $350,000. The property was a prior Veterinary office located across Virginia Street from Whole Foods.
- Aloha Inn in Sparks: Consists of 132 units. The sale price was $1,625,000 or $12,310 per hotel room.